Jaguar Land Rover to cut 4,000 jobs as European car sector struggles
The move follows months of turmoil caused by a cyberattack on the British luxury carmaker and US president Donald Trump's sector-wide tariffs.
Jaguar Land Rover (JLR) announced plans to cut around 4,000 jobs globally, representing roughly 10% of its workforce, over the next two years. This move follows a loss of £244 million for its fiscal year ending in March, compared to a net profit of £1.8 billion in the previous year. The company cited challenges in Europe's automobile industry, including technological changes, intense competition, and geopolitical uncertainties.
JLR is also targeting cost savings of £1.7 billion (US$2.3 billion) and aims to launch five new products while focusing on North America and other markets. The majority of the affected employees are based in the UK, with management roles at risk. Cybersecurity issues and US tariffs have also contributed to the company's financial difficulties.
Jaguar Land Rover is seeking to simplify its organization, improve efficiency, and build resilience amidst these challenges.
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